IEA oil release enters final stretch with 100 mill...

Summary

• The IEA oil release will wrap up with the 100 million barrels still outstanding from March, the agency said after its governing board met on Thursday.
• IEA oil release and the US pushWashington had pressed informally for an additional release to ease diesel prices.
• Both squeeze diesel supplies and push pump prices to records, and the IEA oil release is meant to ease that strain.

AI Generated Summary

The IEA oil release will wrap up with the 100 million barrels still outstanding from March, the agency said after its governing board met on Thursday.

Members of the International Energy Agency will speed up the remaining volumes. Those include 20 million barrels of diesel, which they plan to release “as soon as possible.”

So far, countries have tapped 330 million barrels of the 400 million they promised in March. The final total will top that, since some members released more than they had pledged.

IEA oil release and the US push

Washington had pressed informally for an additional release to ease diesel prices. However, it made no formal proposal at Thursday’s meeting.

European officials, speaking privately, doubted that now was a good time to free up extra barrels. As a result, members stuck to finishing the March plan.